Flipkart is getting in on the co-branded credit card game with the launch of its first credit card in partnership with Axis Bank and Mastercard. Although this is the first co-branded card for the e-retailer, Flipkart had earlier partnered with Axis Bank back in 2016 for the launch of the Axis Bank Buzz credit card, which offers 5 percent discount on Flipkart purchases and other benefits. The Flipkart-Axis Bank Credit Card will be offered to select users in July and it will expand to all over the coming weeks.
According to Flipkart, the new Flipkart-Axis Bank Credit Card will provide 5 percent unlimited cashback on purchases made on Flipkart, Myntra, and 2GUD. Additionally, the credit card holders will get 4 percent unlimited cashback on MakeMyTrip, Goibibo, Uber, PVR, Curefit, and UrbanClap as well as 1.5 percent unlimited cashback on purchases made at all other retailers. The cashback will be auto-credited every month in the customer's statement.
Other benefits of the Flipkart-Axis Bank Credit Card include welcome offers from number of merchants, up to 20 percent discount at over 4,000 restaurants, airport lounge access, and fuel surcharge waiver up to Rs. 500 per month. There is a joining and annual fee of Rs. 500, which can be waived on spends of Rs. 2 lakh.
Flipkart is however hardly the first e-commerce provider to offer a co-branded credit card. The likes of Snapdeal (with HDFC Bank), IRCTC (with SBI), and Amazon (with ICICI Bank) already offer co-branded credit cards in the country. Paytm and Ola had also launched similar credit cards recently.
“Through this co-branded credit card, in partnership with Axis Bank and Mastercard, we are reiterating our commitment to driving access to formal credit in India with an offering that will benefit the customer the most,” said Kalyan Krishnamurthy, CEO of the Flipkart Group, in a statement